A Founder wrote in and mentioned that he had been a finalist for one of the incubators, but that he was turned down "because we didn't have a prototype going and we were up against companies that were further along and we were just too early."
At the Institute, we understand that ideas and models change. We encourage Founders to apply before they have a fully formed business concept, and we don't even ask Founders to supply any details of the idea in the application process. It's not that ideas don't matter; they do. We know that the passion of the Founder matters more early on.
At the Institute, we believe that greatest Founders of our time have yet to start their companies. Maybe these Founders are just gradutating from school or getting ready to drop out. Maybe these Founders are frustrated with their current job, or maybe they have been alienated by the challenges of starting a busines. By having an open application process, larger Semester sizes, remote participation, and world-class Mentors, the Insitute hopes to find these great Founders and lend a helping hand.